Blockchain News

Circle Launches Company Account to Assist USDC Transactions

Written by James Smith

The issuer of stablecoin USD Coin (USDC), Circle, has launched a brand new account service that permits company prospects to deposit, withdraw, obtain and retailer cryptocurrencies by way of their account and settle all funds in USDC stablecoins.

Circle focuses on the place because the issuer of stablecoin USD Coin (USDC), one of many fastest-growing USD digital currencies; USDC’s circulation has greater than doubled, reaching $52.5 billion as of February 16. Its circulation accounts for steady greater than 29% of the forex market, second solely to tether (USDT).

The newly added function allows company accounts to combine cryptocurrency buying and selling into their company accounts’ operations and provides eligible buyers a stablecoin lending program referred to as Circle Yield, Inc., which provides annual returns of as much as 4% to six%.

By way of Circle Account, enterprise holders pays or obtain USDC on eight totally different blockchains: Ethereum, Algorand, Solana, Stellar, Tron, Hedera, Avalanche and Circulate.

A Circle spokesperson mentioned that:

“Some drivers for USDC progress are elevated fee use instances, cross-border transactions and the adoption of belongings like USDC as a “flight to security,” particularly in international locations the place the native forex is affected by a valuation loss.”

Fintech firm Circle Web Monetary has revamped its merger settlement with Harmony Acquisition Corp (NYSE: CND) by way of a particular function acquisition firm (SPAC), doubling its valuation to $9 billion from the $4.5 billion have been initially introduced in July 2021.

Picture supply: Shutterstock

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James Smith

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